STOCKHOLM: Volvo Cars sold 70,737 cars in March, down 10% from a year earlier as sales of fully electric cars tumbled, the Sweden-based company said on Wednesday, sending its shares down.
Volvo Cars, which is majority-owned by China’s Geely, said in a statement sales in Europe were down 9% while in the United States and China they were down 8% and 22%, respectively.
Sales of fully electric cars fell 26% to account for 19% of total sales, while sales of electrified cars as a whole, also including plug-in hybrids, were down 9% to 43% of total sales.
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Volvo Cars announced on Sunday it had brought back former CEO Hakan Samuelsson to head the company for the next two years at a turbulent time marked by mounting tariff pressures, replacing Jim Rowan who has run the group since 2022.
Its shares were down 2% at 0725 GMT, taking a year-to-date drop to 24% and underperforming the wider market in Stockholm.
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